3Baygarage I wanted to let you know that you were correct on the function of the tool. I contacted the folks at Cornwell Tools after you posted your response and sent them a picture of the tool and here's is the response they sent me.
"Our engineering department found the item, an offset screwdriver, in our 1952 catalog. Your guess is as good as ours as to its functionality."
Their engineering department staff also sent me a pdf of the 1952 catalog page that it was listed in. That was an unexpected bonus. I was very impressed with their customer service skills.